“In our view, the oil price outlook will hover around $50s to $60s per barrel,” said Petronas in its report released on Monday, adding that $100 a barrel was a “thing of the past”.

Petronas last forecast that oil prices at $50 a barrel should be taken as the new norm, but said in its recent earnings announcement that it expects its overall year-end performance to be better than last year, indicating an improved view of the energy market.